Pros
Ernst & Young is a great place to start your career because you are learning while you are working, you can work in many industries and learn about the accounting issues that are unique to each. Ernst & Young is one of the "Big 4" public accounting firms, once you have worked there you can get a job doing pretty much anything you want in accounting. Additionally they will help you pass your CPA exam if you have not passed when you start. They pay for your study materials and for your exam on top of giving you a bonus when you pass...who could ask for more?
Cons
The only downside I have come across is a very well known downside to all public accounting firms, and that is the hours you must put in during the busy season. Busy season is typically January-March, no not because of tax season, but because most companies have a 12/31 year end, and this is when we must complete the most audits of financial statements. Some people in the firm will have slightly different busy seasons if they work on 9/30 year end clients or even 6/30 clients. During busy season we are required to put in 55 hour minimum work weeks.